The Trader 

Market Outlook: Massive cutbacks at GM

The Trader

Yesterday General Motors CEO Mary Barra announced that the (once upon a time) car giant will close 5 factories in North America, mainly in the so-called rust belt. It will lay off 8,000 employees in an attempt to save $6 billion per year; this is roughly 15 per cent of its total workforce with management suffering the biggest cuts. The firm was bailed out by the US taxpayer in 2009 and forced to cut 47,000 jobs globally.

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